Report from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions – Application of Directive 2004/25/EC on takeover bids

This report reviews the application of Directive 2004/25/EC on takeover bids ("Takeover Bids Directive"), in accordance with Article 20 of the Directive.

The Takeover Bids Directive contains minimum guidelines for the conduct of takeover bids, including disclosure, involving securities with voting rights of companies governed by the laws of Member States, where all or some of these shares are admitted to trading on a regulated market.

This report describes the impact of the Takeover Bids Directive and how it has been complied with; identifies the main issues emerging from the application of the Directive and draws a number of conclusions.

EUR-Lex: COM(2012)347: Follow the progress of this document through the decision-making procedure http://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2012:347:FIN

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